https://scholars.lib.ntu.edu.tw/handle/123456789/427156
標題: | Relationships, corporate governance, and performance: Evidence from private placements of common stock | 作者: | Wruck K.H. YI-LIN WU |
關鍵字: | Agency theory; Asymmetric information; Entrenchment; Equity issuance; Ownership concentration; Private equity; Private placement; Relationship investing; Relationship investor; Relationship-specific investment, governance, blockholders; Specific investment | 公開日期: | 2009 | 卷: | 15 | 期: | 1 | 起(迄)頁: | 30-47 | 來源出版物: | Journal of Corporate Finance | 摘要: | Using data from private placement contracts, we analyze relationships between investors and issuers, and their impact on corporate governance and performance. Most investors have a relationship with the issuer pre-placement and many new relationships are formed through the placement agreement. New relationships are largely governance-related (board seats and/or 5% or greater blocks), but also include key business partnerships and/or employment arrangements. We have three main findings. First, new relationships drive the positive stock price response at announcement; placements lacking new relationships are non-events. Second, investors with relationship ties to the issuer are more likely to gain directorships as part of the placement. Third, new relationships are associated with stronger post-placement profitability and stock price performance. Overall, our findings are consistent with private placements creating value when they are associated with increased monitoring and strong governance. ? 2008 Elsevier B.V. All rights reserved. |
URI: | https://www2.scopus.com/inward/record.uri?eid=2-s2.0-57749085560&doi=10.1016%2fj.jcorpfin.2008.08.010&partnerID=40&md5=fea9aae71d11d3628df03317b90e57a8 https://scholars.lib.ntu.edu.tw/handle/123456789/427156 |
DOI: | 10.1016/j.jcorpfin.2008.08.010 |
顯示於: | 經濟學系 |
在 IR 系統中的文件,除了特別指名其著作權條款之外,均受到著作權保護,並且保留所有的權利。